WYNYARD-based national company Zezt Pty Ltd has been sold to a multinational company.
Company director David Kenworthy said the sale of Zezt to Belgium-owned Vinidex Pty Ltd – announced on Friday night – was a great outcome for the region.
“Negotiations commenced some time ago to sell the company and we went through a process of thinking long and hard but ultimately the final decision was to sell.”
Mr Kenworthy said under the new ownership, Zezt would continue operating as a separate company in Wynyard manufacturing polyethylene pipe used for transferring gas, water, aquaculture, agriculture, civil and mining industries.
“The company will continue to operate in Tasmania and Victoria as it has been and trade as a standalone entity,” he said.
Zezt employs 90 people Australia-wide, with 65 of them based out of Wynyard.
“There will be no changes with jobs and we will continue to maintain employment in Tasmania and, in the long-run, hope to grow employment in the state,” he said.
Mr Kenworthy and his wife, Kylie Kenworthy, started the company 18 years ago.
Mr Kenworthy will continue working for the company as managing director.
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“The company is going from being a locally owned Tasmanian company to a multinational company.
“That in itself is a wonderful achievement for the group of people who have been working with us.
“It’s also a great achievement that we have been recognised by a multinational for what we do and what we believe in, which is great for the North-West of Tasmania,” he said.
Vinidex began manufacturing PVC products in 1960, based out of Sydney.
In 2014, it was purchased by Belgium company Aliaxis Group.
Vinidex CEO Colin Weatherstone said his company was very excited about Zezt joining the group and welcomed Mr Kenworthy.
“Zezt will continue to operate as a standalone business and support its customers with excellent quality and service, supported by Vinidex national resources,” Mr Weatherstone said.
The sale of Zezt is subject to regulatory approval. However both Vinidex and Zezt anticipate the the sale to be completed in the coming months.